Appointment of Director

The Company is pleased to announce the appointment of Corneliu-Dan Pascariu as an additional non-executive director. Mr Pascariu, aged 57, joins the board with immediate effect.

The following are Mr Pascariu’s current directorships and those held within the last five years:

Current Directorships

Past Directorships

Unicredit Tiriac Bank SA

Bank Austria Creditanstalt SA

CAIB Securities SA

HVB Bank Romania SA

CAIB Financial Advisors Ltd

HVB Tiriac Bank Romania SA

HVB Banca Pentru Locuinte SA

Transfond SA

HVB Leasing Ltd

Rompetrol SA

The Rompetrol Group Ltd

Heritage Restaurant SA

A civil case brought against Mr Pascariu in Romania has been pending since 1996. The case relates to a dispute over the payment of an amount authorised by a customer of the Romanian Bank for Foreign Trade and made by the bank on behalf of its client. Mr Pascariu was at the time the Chief Executive Officer of the Romanian Bank for Foreign Trade and the civil case was brought against him in this capacity alongside a number of other executives of the bank who had direct operational responsibility over the relevant client account. Legal advice sought has indicated that Mr Pascariu discharged his duties properly at the time and that the charges brought are without foundation.

Save for the information disclosed above there is no other information falling to be disclosed under Schedule Two, paragraph (g) of the AIM Rules.